3D Camera Market to Reach $11.13 Bn, Globally, by 2024 at 37.1% CAGR - Allied Market Research
PORTLAND, Oregon, October 11, 2018 /PRNewswire/ --
Increased demand for 3D cameras in the entertainment industry and substantial growth of the virtual reality industry would boost the growth of the global 3D camera market.
Allied Market Research published a report, titled, "3D Camera Market by Technology (Time-of-flight, Stereo Vision, and Structured Light), Type (Target Camera and Target-free Camera), and Application (Professional Camera, Smartphone, Tablet, Computer, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2024". The report provides in-depth insights on market landscape; key investment pockets; market segments; dynamic factors such as drivers, restraints, and opportunities; and business performances of key players. As per the report, the global 3D camera market was pegged at $1.22 billion in 2017 and is estimated to reach $11.13 billion by 2024, registering a CAGR of 37.1% from 2018 to 2024.
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Increased inclination for 3D cameras in the entertainment industry coupled with advancements in 3D scanning technology drives the growth of the global 3D camera market. However, high price of these cameras and lack of awareness about this technology hamper the market growth. On the contrary, substantial demand for home automation and rise in virtual reality applications would provide lucrative opportunities for the market players in future.
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Major technologies in the market
Based on technology, the global 3D camera market report is segmented into time of flight (TOF), stereo vision, and structured light imaging. In 2017, the stereo vision segment held the largest share, contributing more than half of the total market revenue. This is attributed to the fact that this technology enables capturing 2D images along with disparity image, distance image, or 3D coordinates. However, structured light imaging segment is expected to manifest the fastest growth during the forecast period. In addition, the time of flight (TOF) segment would show gradual growth during 2018-2024.
Target free cameras to witness huge demand through 2024
Target free cameras are in high demand in the market owing to their characteristics such as auto adjustment with focus and simple designing with wide scope of applications. In 2017, this segment held about two-thirds share of the market and would continue to maintain this trend during the forecast period. On the other hand, the target camera segment is expected to register the fastest CAGR of 38.0% through 2024.
Professional camera segment to retain highest market share by 2024
In 2017, the professional cameras segment contributed about 56% share of the market owing to the growing use in the entertainment & gaming, arts, construction, and manufacturing sectors. However, the tablets segment is expected to exhibit the fastest CAGR of 41.1% during the study period, owing to features such as high processing power, powerful processor, and large screen facility.
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Asia-Pacific: Fastest growing segment
Asia-Pacific region contributed about one-third share of the market in 2017, owing to rise in adoption of 3D cameras and technological developments in this sector. In addition, this region would maintain its dominance throughout the study period. However, LAMEA would register the fastest CAGR of 39.3% from 2018 to 2024, owing to the growing penetration of camera products and rise in disposable income in the region. The other regions analyzed in the report include North America and Europe.
Key market players
The leading market players profiled in the report include Nikon, Sony, Faro Technologies, Go Pro, LG Electronics Corp, Samsung, Panasonic, Fujifilm Corp, Intel Corporation, and Samsung Electronics Corp. These market players have adopted several strategies such as partnerships, product launch, mergers & acquisitions, and collaborations to sustain the intense competition in the market.
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